Market Overview for NEAR Protocol/Yen (NEARJPY) – October 31, 2025

• NEARJPY traded in a volatile 24-hour range, closing near session lows.
• A bearish reversal pattern emerged mid-session, confirmed by a sharp pullback.
• RSI and MACD suggest overbought conditions faded, signaling potential bearish momentum.
• High volatility was observed between 17:30 and 19:00 ET, with significant volume.
• Price remains above key 15-minute support but below daily resistance.

Opening Analysis

NEAR Protocol/Yen (NEARJPY) opened at 325.1 on October 31, 2025 at 12:00 ET−1 and traded between 314.5 and 328.8 over the next 24 hours before closing at 327.9. The pair exhibited a complex price action characterized by a sharp sell-off between 17:30 and 18:00 ET, followed by a recovery and bearish consolidation. Total volume for the period was 10,869.2 units, with notional turnover reflecting increased participation during late afternoon and early evening hours.

Structure & Formations

Price action revealed a significant bearish reversal pattern mid-session, marked by a strong bearish engulfing candle between 17:30 and 17:45 ET, pulling NEARJPY from 325.1 to 319.7. This was followed by a moderate bounce that saw buyers retest previous resistance levels between 320.0 and 322.1, forming a multi-hour consolidation. A second bearish engulfing candle appeared at 21:15 ET, closing the session near 319.2 and signaling potential short-term bearish momentum. These formations suggest a shift in sentiment from cautious optimism to defensive positioning.

Moving Averages and Momentum

The 20-period and 50-period moving averages on the 15-minute chart remained in a tight convergence, indicating an indecisive market. The 50-period SMA held above 322.5 for most of the day, but price action fell below it during the bearish phase. The daily 50-period moving average remained well above the session’s low, suggesting structural support. The MACD showed bearish divergence late in the session, with the histogram expanding downward as price fell. RSI crossed below 50 into bearish territory and approached oversold levels, raising the possibility of a short-term bounce or a deeper pullback.

Bollinger Bands and Volatility

Volatility spiked during the mid-to-late afternoon, with NEARJPY breaching the lower Bollinger Band at 17:30 ET. Price remained below the 20-period band for nearly two hours before retesting the middle band during the 18:00–19:00 ET period. This volatility expansion aligns with the bearish engulfing pattern and supports the idea that market participants are reacting to new information or liquidity shifts. As of the 24-hour close, NEARJPY was trading near the middle Bollinger Band, suggesting a potential consolidation phase ahead.

Volume and Turnover

Volume spiked sharply during the sell-off phase, particularly between 17:30 and 18:30 ET, when NEARJPY traded over 1,800 units, representing 16.5% of the total 24-hour volume. Turnover was notably higher during the afternoon hours, confirming the bearish sentiment. A divergence was observed in the late evening, with volume declining as NEARJPY began to stabilize. This divergence suggests waning bearish conviction and could hint at a potential reversal or sideways movement in the near term.

Fibonacci Retracements

Fibonacci retracement levels provided a useful framework for understanding price behavior. The 61.8% level at 319.0 held during the late afternoon sell-off, preventing a deeper pullback. On the 15-minute chart, key retracement levels at 320.0 and 322.1 saw multiple tests, reinforcing their role as critical psychological barriers. A retest of the 325.0 level appears likely in the coming 24 hours, offering potential entry or exit points for traders.

Backtest Hypothesis

Given the bearish engulfing patterns observed on October 31, a backtesting strategy targeting similar setups could offer insight into the effectiveness of short-term bearish entries. By detecting every Bearish Engulfing pattern from 2022-01-01 to today and entering on the pattern day with an exit at the next day’s close, one could evaluate the profitability of such a strategy. This approach could be particularly relevant for NEAR Protocol/Yen and similar pairs with volatile, choppy price action. The results may reveal whether such patterns reliably predict bearish reversals or if they are more reflective of random noise in a low-trend environment.